Argentina: Economy to contract by 1.8% in 2024, first year of Milei government

Argentina's economy has shrunk by 1.8% in 2024 for the first year of the Milei government , the second consecutive year of contraction, but a decline less than recent forecasts that were around or above -3%, according to official statistics.

The activity of the third largest economy in Latin America recorded a more pronounced contraction in the twelve months of 2024 than in the previous year (-1.6%), but with signs of recovery in December compared to December 2023 (+5.5%), according to the monthly estimate published Tuesday by the National Institute of Statistics (Indec).